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Profitable Underwriting

To truly transform Underwriting into a sustainable, profit-producing endeavor, where premiums consistently exceed claims, Insurance companies have to reinvent their Underwriting processes. Underwriting can no longer remain the highly intuitive discipline it has been in the past, with decisions based on agent submissions, coupled with a bit of “gut feel.” Risk categories have to move beyond the “preferred,” “favorable” and “unfavorable,” gaining granularity and nuance. The science of underwriting needs to play as significant a role as its “art.”

Explosion of new technologies such as Internet of Things (IoT), Drones ,Wearables, Geo-spatial, Automation, Mobile, Social and Big Data to name a few, are fueling the complexity in underwriting. In the pursuit to remain competitive and profitable, insurers are compelled to increase rigor in underwriting, use a wide variety of data elements from internal & external sources, use geo-spatial intelligence, predictive analytics and more.

LTI has been helping leading insurance companies in transforming the underwriting function to bring in rigor, efficiency and control, by leveraging advances in technology and the availability of data. The approach is focused on allowing the underwriters save time in gathering data, and focusing more on analysis & decision-making.

The following business benefits are derived:

  • Granularity of risk analysis and enabling pricing adequacy
  • Improved underwriting productivity and throughput
  • Greater consistency in decision-making and strong governance of the underwriting process

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    Our Offerings

    Risk Assessment and Quantification

    Risk Assessment and Quantification

    Conduct Account Assessment, Risk Assessment, including Scoring Capability

    Geo-Exposure Analysis

    Geo-Exposure Analysis

    Plotting risk locations on map. Overlay hazard data in real-time, conduct peril level analysis

    Risk Accumulation Management

    Risk Accumulation Management

    Risk Accumulation Heat Maps at specific location and radius, postcode, city level, filters on LoBs, perils.

    Price Benchmarking

    Price Benchmarking

    Rate review and readjustment, in-line with benchmark return-on-equity or profitability parameters

    Bureau Maintenance

    Bureau Maintenance

    Smart, lean and efficient maintenance of bureau changes – ISO, NCCI, AAIS

    Our Solutions

    AccuRUSI<sup>TM</sup>

    AccuRUSITM

    Solution for transforming underwriting capabilities for Insurance companies

    ReForm

    ReForm

    Framework for streamlined and automated Rates and Forms Management